PAG backs restaurant chain Paradise Group

The size of the investment was not disclosed, nor did the private equity firm specify that it would hold a majority interest in the target company. Paradise's current shareholders, brothers Eldwin and Edlan Chua, will remain significant shareholders, according to a statement. Eldwin founded the business in 2002 and serves as CEO, while Edlan joined in 2006 and is now COO.

Paradise originated from a small-scale cooked food operation in Singapore and was established in its current corporate form in 2008. The company won early backing from Sirius Capital Management and G8 Investments, a unit of Southeast Asia food and household products distributor Joo Hin Goh in 2009. Both have since exited the business.

Paradise's operations span Singapore, China, Hong Kong, Malaysia, Indonesia, Japan, Dubai, the Philippines, Myanmar, Taiwan and the UK. Brands include Paradise Dynasty, Paradise Inn, Taste Paradise, Paradise Teochew, Seafood Paradise, Canton Paradise, Beauty in the Pot, LeNu and Hao Chii.

"The management team of Paradise Group have built an impressive franchise with great potential for future growth, particularly in China. We believe that our investment and operational expertise, combined with Paradise Group's brand and capabilities, will help the company further expand its footprint throughout Asia," said Weijian Shan, group chairman and CEO at PAG.

PAG Asia Capital is the private equity arm of PAG, an alternative asset manager with $16 billion in capital under management. The PE unit closed its second pan-Asian fund at the end of last year, achieving a first and final close of $3.66 billion.

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• Topics
• Southeast Asia
• Expansion
• Consumer
• PAG
• Singapore
• Asia